This is The Morning Shift, our one-stop daily roundup of all the auto news that's actually…
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S&P's reasoning for the rating is Tesla's "vulnerable" portfolio, which includes "narrow product focus, concentrated production footprint, small scale relative to its larger automotive peers, limited visibility on the long-term demand for its products and limited track record in handling execution risks."

A year ago, Tesla Motors' first quarter earnings report was one of their rosiest ones ever,…
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A junk bond rating basically means that the boffins of Wall Street believe the company has an increased chance of going into default. However, even though they gave it "junk" grade, S&P still maintains that Tesla bonds are "stable."